Polar Resources Corporation or the Corporation (RSN.H-X)

    




 VANCOUVER, Oct. 27, 2011 /CNW/ - Robert Constantine Grey, President and  Director of the Corporation is pleased to announce a private placement  of up to 1,000,000 common shares at a price of $0.13 per common share.  The Corporation obtained price protection for the private placement  from the NEX on October 17, 2011. It is intended that proceeds from the  private placement will be used for general corporate purposes. 

 The Corporation has terminated the Participation and Joint Venture  Agreement with Topaz Resources and RMJ Inc., previously announced in  March 2011. 

 The Corporation has signed a memorandum of understanding with Boss  Resources Corporation (Boss) and Reatta Oil and Gas Corporation  (Reatta) reflecting an association between the parties if, as and when  oil and gas properties are acquired. The memorandum of understanding  does not contain any financial obligations on the parties and any  agreements relating to the acquisition of oil and gas properties will  require binding agreements and documentation together with requisite  regulatory approvals. 

 Polar, Boss and Reatta have identified and are evaluating an acquisition  in the Western Canadian Sedimentary Basin (WCSB).  In the event of a  joint acquisition, Boss will act as operator under a standard CAPL  agreement.  The principles of Boss and Reatta consist of a reservoir  engineer, landman, geologist and production engineer with Enhanced Oil  Recovery experience.  Each of these professionals have over 25 years of  experience in each discipline ion the WCSB.  The group intends  to act  together in the future on an un-promoted basis, but each is free to act  independently as well. 

 Mr. Grey remarked that, "Polar is indeed fortunate to become associated  with a seasoned group of Oil and Gas professionals who will evaluate  acquisitions and farm-ins brought forward by Polar to the group.   Having access to their experience and professional knowledge  in future  in a way where everyone pays their share of the project provides  tremendous value to Polar and will benefit us significantly over time." 

 The transactions contemplated by the Corporation are subject to receipt  of any and all required regulatory approvals and the acceptance of the  NEX and the TSX Venture Exchange. 

 The NEX or TSX Venture Exchange have not reviewed and do not accept  responsibility for the adequacy or accuracy of this release. 

 Except for the historical information contained herein, this press  release contains statements that constitute forward-looking statements,  as defined in the Private Securities Litigation Reform Act of 1995.   Forward-looking statement inherently involve risks and uncertainties  that could cause actual results to differ materially from the  forward-looking statements.  Factors that may cause or contribute to  such differences include, among other things, the Corporation's ability  to close the proposed transaction.  Other risks and uncertainties  include changes in business conditions and the economy in general,  changes in governmental regulations, unforeseen litigation and other  risk factors identified in the Corporation's public filings under "Risk  Factors".  The Corporation undertakes no obligation to update these  forward-looking statements for revisions or changes after the date of  this press release. 

 On behalf of POLAR RESOURCES CORPORATION 

 "Robert C. Grey" Robert C. Grey, President 

Polar Resources Corporation


CONTACT:  Polar Resources CorporationRobert C. Grey, PresidentTelephone:  [phone]Email:  [e-mail] 


    

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